HDBank, the Vietnamese-based financial institution, has today joined Contour, the open trade finance network, to
increase its ability to extend trade financing to more corporates. This addition to Contour's blockchain-based network
further strengthens its offering to the trade finance industry.
HDBank is the latest financial institution to join Contour and marks the first bank in Vietnam to be part of the
Contour's trade finance network. This offers an opportunity for Vietnamese corporates to take advantage of the online
negotiation and streamlined management of Letters of Credit with counter-parties in Asia, Europe, the Middle East, and
the USA.
Built on R3's Corda, Contour's network is focused on overhauling the Letter of Credit (LC) issuance process. LCs are
traditionally paper-based, time consuming to process and costly to deal with. By digitising LCs on a blockchain network,
the processing time and cost involved will be significantly reduced. With the current socio-economic climate, the need
for further efficiency in the market has grown even more apparent.
Carl Wegner, CEO, Contour said: "The focus with our network has always been to establish a neutral platform that all
different types of banks and corporates can use for trade finance transactions. To fully unlock the potential of what
enterprise blockchain can bring to trade finance, banks and corporates need to be able to collaborate and forge new
connections. That is the ultimate aim of Contour, and it's something we're continuing to see as we welcome HDBank into
the network."
Pham Quoc Thanh, CEO at HDBank, added: "We saw the potential for Contour to revolutionise how we issue LCs and knew it
was an opportunity like no other. From working with Carl and his team, we hope to change that, providing increased
flexibility with LCs, streamlining the process and providing funds to corporates in a far more efficient manner than
ever before. In due course, we look forward to sharing news of transactions taking place on this network."